Zacks Investment Research Downgrades Encore Wire Corporation (WIRE) to Sell

Zacks Investment Research cut shares of Encore Wire Corporation (NASDAQ:WIRE) from a hold rating to a sell rating in a research report report published on Tuesday, August 8th.

According to Zacks, “Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier of both residential wire for interior electrical wiring in homes, apartments and manufactured housing, as well as building wire for electrical distribution in commercial and industrial buildings. “

Separately, TheStreet lowered shares of Encore Wire Corporation from a b rating to a c+ rating in a research note on Friday, August 4th.

Shares of Encore Wire Corporation (WIRE) traded down 0.39% during midday trading on Tuesday, reaching $38.20. 62,818 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $41.89 and a 200-day moving average price of $43.47. Encore Wire Corporation has a 52-week low of $33.70 and a 52-week high of $49.75. The stock has a market cap of $792.92 million, a P/E ratio of 18.91 and a beta of 2.24.

Encore Wire Corporation (NASDAQ:WIRE) last issued its quarterly earnings results on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.06. The firm had revenue of $291.50 million during the quarter, compared to analyst estimates of $282.25 million. Encore Wire Corporation had a return on equity of 7.42% and a net margin of 4.01%. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 EPS. Analysts forecast that Encore Wire Corporation will post $2.23 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, October 6th will be paid a $0.02 dividend. The ex-dividend date is Thursday, October 5th. This represents a $0.08 annualized dividend and a dividend yield of 0.21%. Encore Wire Corporation’s dividend payout ratio is currently 3.98%.

Hedge funds have recently added to or reduced their stakes in the stock. LSV Asset Management bought a new stake in Encore Wire Corporation during the first quarter valued at $101,000. State of Alaska Department of Revenue raised its stake in Encore Wire Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 2,290 shares of the electronics maker’s stock valued at $105,000 after buying an additional 50 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Encore Wire Corporation by 3.5% in the first quarter. BNP Paribas Arbitrage SA now owns 4,201 shares of the electronics maker’s stock valued at $193,000 after buying an additional 143 shares in the last quarter. Trexquant Investment LP bought a new stake in Encore Wire Corporation during the first quarter valued at $213,000. Finally, Mason Street Advisors LLC raised its stake in Encore Wire Corporation by 7.1% in the first quarter. Mason Street Advisors LLC now owns 4,849 shares of the electronics maker’s stock valued at $223,000 after buying an additional 320 shares in the last quarter. Institutional investors own 90.18% of the company’s stock.

About Encore Wire Corporation

Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments, and manufactured housing. The Company manufactures electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings.

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